HW 3 Due Monday, September 30, 2019 The economy below produces spoons and forks. Complete the...

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HW 3 Due Monday, September 30, 2019 The economy below produces spoons and forks. Complete the...

HW 3 Due Monday, September 30, 2019

The economy below produces spoons and forks. Complete the following table.

Year	Price of Spoons	Quantity of Spoons	Price of Forks	Quantity of Forks	Nominal GDP	Real GDP
2015	$250	250	$15	500
2016	$350	350	$15	600
2017	$350	350	$20	600

1. Refer to the table above. In 2017, the percentage change in real GDP is _____________

2. Complete the following table.

Year	NGDP	RGDP	Deflator
2011		$120	100
2012	$240		120
2013	$300	$250

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